To The Moon

The U.S. IPO market is about to witness a historic “crypto + fintech” superweek.

Three unicorns — $Gemini Space Station, Inc.(GEMI)$ , $Figure Technology Solutions (FT Intermediate)(FIGR)$ , and $Klarna Group plc(KLAR)$ — are all gearing up to go public. Each could redefine its sector. Combined, they highlight how fast both digital assets and fintech lending are moving from the fringe to the core of Wall Street.

$Gemini Space Station, Inc.(GEMI)$ : Nasdaq itself is the ultimate validator

• Strategic twist: Nasdaq is investing $50 million in Gemini’s IPO — the first time a major exchange has ever taken an equity stake in a crypto platform. Post-IPO, Gemini clients will plug directly into Nasdaq’s Calypso collateral system, while Nasdaq’s institutional clients can tap Gemini’s custody and staking rails with one click.

• Price momentum: Terms were hiked overnight from $17–$19 to $24–$26; the book is still multiple-times covered. At the top end, Gemini would command a $3.08 billion market cap and raise $433 million, 37% more than originally planned.

• Scarcity value: Only the third pure-play crypto exchange to list in the U.S. after Coinbase and Bullish. $210 billion in custodied assets and $285 billion in cumulative trading volume make it an institution-grade name on Day 1.

• Trading debut: Expected Friday, 12 Sep, on the Nasdaq Global Select market. Goldman Sachs and Citigroup are joint book-runners.

$Figure Technology Solutions (FT Intermediate)(FIGR)$ : Stablecoin + on-chain lending in one package

• Upsized deal: Shares on offer rise from 26.3 million to 31.5 million; price talk lifted from $18–$20 to $20–$22. Could raise ~$700 million at a $5 billion equity valuation.

• Dual engines:

  • $8 billion of loans originated on its Provenance blockchain, average yield 7.8%, net interest margin 3.1%.

  • Figure USD stablecoin in circulation $2.3 billion, fully backed 1-for-1 by T-bills, generating 35 bps in annual fee income.

• First to price: Set to list Thursday, 11 Sep, one day before Gemini — the opening bellwether for crypto-fintech appetite this month.

$Klarna Group plc(KLAR)$ : The BNPL bellwether finally reaches the NYSE

• Listing date: Also 11 Sep, on the NYSE. Backed by the A-list trifecta of Goldman Sachs, JPMorgan and Morgan Stanley.

• Global scale: Present in 45 countries, >40 million monthly active users. 2024 gross merchandise value $90 billion, revenue $2.2 billion — larger than Afterpay or Affirm.

• Path to profit: Credit-loss ratio cut from 2.2% (2022) to 1.1%; operating-cost ratio down from 3.4% to 2.3%. Management guides for breakeven in Q2-25 and 8–10% net margin by 2026.

Why the rush, and should you subscribe?

Regulatory reset: SEC chair Paul Atkins has cleared the backlog; crypto approvals are moving faster than at any time since 2021.

Liquidity tailwinds: With the Fed cutting rates, risk appetite is back. Bullish gained +150% on its first trading day — a reference point for GEMI sentiment.

Retail allocation: Gemini has set aside 10% of the deal for retail platforms (Robinhood, SoFi, Webull), guaranteeing “meme” liquidity and volatility.

Blue-chip backing: Nasdaq, Goldman, Citi and JPM all have skin in the game — a brand-name buffer you rarely see in debutants.

Quick fundamental snapshot

$Gemini Space Station, Inc.(GEMI)$ (proposed $26 mid-point)

• Revenue mix: 85% trading commission, 10% custody, 5% staking spread.

• 2024 net revenue $460 million (+38% YoY); gross margin 68%; EBITDA $190 million and positive for six straight quarters.

• Valuation: 6.7× 2024 sales vs. Coinbase at 4.3× today but 8.5× at its own IPO — premium tied to institutional custody scarcity + Nasdaq流量.

$Figure Technology Solutions (FT Intermediate)(FIGR)$ (proposed $21 mid-point)

• Loans: $8 billion @ 7.8% yield, 3.1% NIM; stablecoin $2.3 billion @ 0.35% fee.

• Net loss –$60 million (H1-24), but –62% narrower YoY; trades at 11× sales & 2.1× book, below 15× peer average for on-chain lenders.

• Collateral: LTV 55–65%, 90-day delinquency <0.8%; real-time liquidation on Provenance blockchain lowers credit risk vs. legacy P2P.

$Klarna Group plc(KLAR)$ (proposed $21 mid-point)

• GMV $90 billion, take-rate 2.4% (above Affirm’s 2.1%).

• Credit losses 1.1%, opex ratio 2.3%; targeting breakeven Q2-25 and 8–10% net margin by 2026.

• Valuation: 3.2× 2024 sales — below its 2021 peak of 5.9× and close to Afterpay’s 3.5× take-out multiple, but with faster growth and larger market share.

Bottom line: All three are no longer story stocks — they generate real revenue and have identifiable paths to profitability. Key question for investors: who can keep compounding growth through 2026?

Risks to watch

• Crypto earnings are highly sensitive to token prices and trading volumes.

• BNPL faces tighter capital rules in multiple jurisdictions.

• Blockchain lending is untested over a full credit cycle. Size your position accordingly.

One week, three deals

If you want pure-play institutional crypto custody, on-chain lending + stablecoin fees, or global BNPL scale with a profit inflection, GEMI, FIGR and KLAR are all hitting the tape within 24 hours of each other. Time to build that watch-list — or risk waiting another cycle.

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